Synergy Money Coach Ltd

08/21/2025

Did you know you can get a Non-Refundable Tax Credit for subscribing to the Globe and Mail? It won't make your rich but put a couple dollars back in your pocket at tax time.

One of the main reasons of this benefit is to combat the misinformation in the Canadian market today. Every regulated industry has certain standards to follow and it is the same for real journalism.

A Qualified Canadian Journalism Organization (QCJO) is a news outlet that meets specific criteria set by the Canada Revenue Agency (CRA) to promote independent, fact-based journalism. These organizations are eligible for various supports, including the Digital News Subscription Tax Credit.

The Digital News Subscription Tax Credit (Line 31350) allows you to claim up to $500 for eligible digital news subscriptions.

Here is a list of some of the subscriptions:

The Globe and Mail
Toronto Star
National Post
Maclean’s
Capital Daily
The Logic
The Creemore Echo
Taproot Edmonton
Guysborough Journal
Quill & Quire
The Narwhal
La Presse
Le Devoir
Ottawa Citizen
Montreal Gazette
Calgary Herald
Edmonton Journal
Vancouver Sun
Windsor Star

Send a message to learn more

08/09/2025

Patrick discusses the upcoming changes for Aeroplan. Indicating that frequent short haul economy flyers in Canada may be benefiting from these changes. He was on CTV National News last night discussing the changes.

Lots to take in here in one read. Patrick runs Rewards Canada also has podcasts and will be covering these changes. Here is the link to his latest podcast on Spotify https://open.spotify.com/episode/2ThtEAyqn1T6u3dZPHcb3A?si=263e718287e742f6

Once we have enough interest, Patrick will be running some information webinars for our clients and how to maximize travel rewards where clients can interact.

Patrick is the leader in Canada for rewards program information and the majority of rewards travel articles you will read, come from him.

Here is the link to his latest newsletter update:

https://blog.rewardscanada.ca/news/air-canada-aeroplan-changes-earning-points-elite-status/

Rewards Canada Podcast · Episode

03/19/2025

As of today, Porter Airlines VIPorter members can redeem points for flights on Air Transat and Alaska Airlines

03/14/2025

b91af4ae-14df-401f-a2c7-330b38aba0b7@31f28deb-2814-4e0d-8927-7b6f974b88c5" rel="ugc" target="_blank">https://events.teams.microsoft.com/event/b91af4ae-14df-401f-a2c7-330b38aba0b7@31f28deb-2814-4e0d-8927-7b6f974b88c5

Microsoft Virtual Events Powered by Teams

01/25/2024

The 5 year Canadian Bond has been on a slight upward trend lately leading some small increases on the 5 year mortgage rates.
The bank of Canada announced no rate change. This means that the rate remains 7.2% and likely will see some rate cuts throughout the year. The prime rate is directly linked to variable rate mortgages, loans, and lines of credit is where most people will notice changes in their own financial situation

https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx

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01/05/2024

The 5 year Canadian Bond is up slightly today but still on a downward trend over the last 6 months. The 5 year Canadian Bond is what mortgage companies base their 5 year fixed rates on.
Variable rates follow the Bank of Canada prime rate which the next rate announcement is Jan 24th

TMBMKCA-05Y | A complete Canada 5 Year Government Bond bond overview by MarketWatch. View the latest bond prices, bond market news and bond rates.

01/03/2024

Do you own a rental property? A cash flow dam could create your home mortgage to become tax deductible over time if set up properly with one additional step:

How does cash flow damming work?

1) Once you have your re-advanceable mortgage you will also have established a connected but separate HELOC account/component. When implementing the Smith Manoeuvre, it’s essential to set up a dedicated HELOC account. This HELOC account serves as the gateway for your investments.

2) Direct All Investment Income: As you invest borrowed funds, any income generated, such as dividends, interest, or rental income must be directed into residential mortgage and then you will be able to borrow the funds from the HELOC account to reinvest or pay any of the rental property operating or financing expenses. This is where the Cash Flow Dam process comes into play.

3) Debt Reduction and Tax Deductions: By using your investment income to pay down the residential mortgage, you reduce your non-deductible mortgage debt. Simultaneously, the interest you pay on the HELOC becomes tax-deductible, providing tax benefits.

12/20/2023

The 5 year Canadian Bond continues on its downward trend. The 5 year fixed mortgage rates are also dropping because of this. The trend may continue in to next year but predicting short term movements is impossible due the fact anything in the outside world can change the direction overnight.
If you want to see where 5 year fixed rates are trending, follow this link

TMBMKCA-05Y | A complete Canada 5 Year Government Bond bond overview by MarketWatch. View the latest bond prices, bond market news and bond rates.

12/19/2023

Setting up a successor or naming the RESP in a will is an important step in implementing children's education savings

Learn about the complexities of using RESPs in estate planning, especially in blended families, with a real-life example. Discover how RESP assets can affect beneficiaries and estate distribution.

12/11/2023

Anyone that isn’t a home owner should consider at least opening a First Home Savings Account before the end of the year to get the $8000 contribution room and be entered for the $8000 FHSA contest

Tick-tock, tick-tock⌚

💣 There’s only a few days left to use your 2023 FHSA contribution room. Don’t wait! Take advantage of the tax savings!

Your first home, it starts now!👇
https://ia.ca/fhsa